Philippines | Direct Tax
April 21, 2024
Philippines´ Issue Guidelines in the filing of Annual Income Tax Return (AITR) for Calendar Year (CY) 2023
Details on Return filing and payments
Overview: The Philippines' Revenue Memorandum Circular No. 51-2024, dated April 8, 2024, outlines the procedures and requirements for filing the Annual Income Tax Return (AITR) for Calendar Year (CY) 2023 and the corresponding tax payments, with a deadline of April 15, 2024.
Filing Details:
- AITR for CY 2023 must be filed electronically using any of the available BIR electronic platforms such as Electronic Filing and Payment System (eFPS) or eBIRForms.
- Manual filing of AITR is allowed only if electronic platforms are unavailable or inaccessible.
Payment Methods:
- Income tax payments due must be made electronically through available electronic payment (ePay) gateways or manually at any Authorized Agent Bank (AAB) or Revenue Collection Officer (RCO) of any Revenue District Office (RDO).
Additional Information:
- The "Summary Guidelines in the Filing of AITR and Payment of Taxes Due for Calendar Year 2023" is provided as Annex A of Revenue Memorandum Circular No. 51-2024.
This circular aims to ensure a streamlined process for taxpayers in the Philippines to file their Annual Income Tax Return for CY 2023 and make the necessary tax payments within the specified deadline.
SOURCES / DOWNLOADS:
About Authors:
Egypt | VAT
Egyptian Tax Authority (ETA) Rolls Out a Transparent, Hassle-Free VAT System for Global Providers of Digital and Remote Services.
Italy | VAT
Italy Seeks Nearly €1 Billion in VAT payments from Meta, X, and LinkedIn, Targeting Transactions from 2015 to 2022
Egypt | Tax Policy
Fostering Trust, Partnership, and Business Confidence Through Fair and Efficient Tax Services
EU | Customs
The European Commission extends tariff suspension on U.S. imports until April 14, 2025, aiming to resolve trade tensions and avoid escalation
OECD BEPS | Turkey
Amount B will not be applied to transactions involving distributors, sales agents, and brokers operating in Turkey
Saudi Arabia | Big 4
The ban could lead Saudi authorities to implement stricter compliance regulations for consulting firms
EU | Transfer Pricing
MNEs will be required to submit their first top-up tax information return by 30 June 2026, tax authorities will need to exchange this information by 31 December 2026
EU | Tax Policy
Focus on Green Transition, Addressing the VAT gap, and Commitment to Global Tax Reform are some of the priorities
Reach your target audience
Contact us at hello@taxspoc.com